Corporate standards body Twist says Denmark's Danske Bank has become the first European bank to use its bank billing standard to deliver detailed information to corporate treasurers and wholesale clients.
The bank is using the Twist BSB standard for the electronic transmission of information relating to bank charges to General Electric (GE).
Twist says the standard enables banks to deliver more detailed data electronically to wholesale clients, including type, quantity, price and other information about billed services.
GE now receives Twist BSB-files from Danske Bank in Denmark, Sweden, Norway and Finland, with Ireland to follow. The information is used to provide a detailed overview of bank charges and services rendered.
Commenting, Paul Burstein, MD of treasury services at GE says: "This is an excellent case study of how corporates, by joint efforts, can improve co-operation with stakeholders."
"Continued development will bring more and better solutions to close the gaps in the physical and financial supply chain, and will release the enormous value locked up in disjointed paper-based processes," adds Burstein.